What is Relationship Banking? Is it Important?

 

In this video, Randy Morgan shares what it’s like to be a Senior Relationship Banker in M&T Bank. He talks about Relationship Banking and its importance together with other Relax Teams Professionals. 

Randy and M&T 

Six years ago, Randy started with Hudson City which was an old school bank at that time. M&T then took over Hudson City and that’s how Randy learned about M&T and started working with them. He has been with M&T for five years now. 

Randy explains how M&T stands out from the rest. M&T Bank is based on building relationships rather than being widget-based. Randy also shares that with M&T, everyone is treated equally. The management is very appreciative and it is very easy to reach out to anybody in the organization.

As a Senior Relationship Banker, his role is similar to that of an assistant manager cutting his time between retail and business. Randy helps a lot of different people from different backgrounds by providing solutions to their financial issues. Before Covid-19, Randy shares that they used to donate food and/or help in unloading trucks of small businesses as a way of helping the community. 

Banking and the Pandemic

When the pandemic started, like most banks, M&T had to lock its doors. However, M&T handled the lockdown in a way that they can still continue giving service to their clients. They managed a drive-thru ATM and had an appointment-only setup while making sure that they follow health protocols. And even though they had to lock doors, Randy experienced even busier workdays. 

In the beginning, they made a lot of phone calls, not sales calls, but calls to check in with their clients and see how they were doing. They made hundreds of calls offering any help and assistance they could. Until a lot of people started returning their calls about home equity or reviewing their accounts to name a few. 

Banking and the Digital World

Being in the digital world, most people use ATMs to withdraw or deposit money and do mobile banking without having to go inside the bank and talk to someone. However, a lot of people are also under the impression that they need to come inside the bank so professionals like Randy can keep their jobs. Randy points out that it is nothing to worry about, as it gives them more time to help people with bigger banking needs. 

Business Owners and Their Insights on  Relationship Banking

Dennis Harabin shares his experience with M&T bank when he had a company in Pennsylvania. They had a line of credit with them and Dennis shares that M&T indeed practices relationship banking. As an accountant, Dennis shares the importance of forming relationships with the bank when you don’t need the money. When you need to borrow money from someone, the person who is most likely to lend you is a friend who knows you and trusts you. The same can be said when borrowing money from banks.

Jonas De Vita added how important relationship banking is. Having a small business Access Commercial Doors, working with a small bank has been very helpful and easy for him. 

Chris Lipper of On The Bus Sales and Business Coaching shares that he has given a number of referrals to M&T and could be one of their highest referees. Chris shares that even though you’re not a client, they will answer your questions and help you without trying to sell anything 

Lastly, Randy mentions that forming a relationship with the bank is like having an emergency fund. Having a bank that cares about you can make all the difference. 

When processing loans or home equities, Randy will talk to as many as he could so he can get you the best possible rates. Contact Randy now.

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